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|Remaining Term||8 years, 3 months|
JLL is pleased to exclusively offer the rare opportunity to acquire a recently developed, 0.42-acre parking area leased to one of the best convenience stores in America – Wawa (the property). The offering, which is located in Drexel Hill, PA (Philadelphia MSA), enables investors to capitalize on a higher yield than what is traditionally offered by Wawa investments.
The property is situated adjacent to a 24-hour Wawa convenience store, which is operating on a lease that runs coterminous with the parking area. Wawa recently remodeled the store in 2017 due to the strength of this location and inability to add the gas component as a result of the extreme density in area. There are approximately nine years remaining on the NNN ground lease with 10% rental increases every five years and zero Landlord responsibilities. The escalations will continue throughout the primary term and in each of the two (2), five (5) year renewal options in place.
- Wawa recently commenced a new, 10-year NNN ground lease with zero Landlord responsibilities. The lease contains 10% rental increases every five years
- Wawa’s 0.42-acre, corner parking area enables investors to acquire a sought-after piece of real estate leased to one of the best convenience stores in America at a higher yield than what is traditionally offered by Wawa investments
- The Property is situated at the corner of Burmont Road and Bonsall Avenue, creating two entry points for the 15,000 vehicles that pass the premises each day
- The combination of nearby transportation networks (Interstate 476 and Route 1) and large surrounding population (578,000+ people within a 5-mile radius) results in the ideal demographic footprint for Wawa
- Wawa was ranked as the 2nd best convenience store in America in 2019 by Food & Wine
- Drexel Hill is a town located in Delaware County, Pennsylvania – the most densely populated county in the Philadelphia MSA. The neighborhood is just an 8.5-mile drive to Center City Philadelphia – the 6th largest city by population in the United States in 2019 (U.S. Census Bureau)